TARP or CARP? We hope that TARP’s money is being used wisely in the mortgage sector. According to this Reuters article, 33 TARP recipients missed a dividend payment last month. This includes 15 banks and thrifts who missed a May 15 dividend payment, with 18 more missing a payment for the first time.

Soruce: blogs.reuters.com

Out of the 33 banks in question, 11 are in California, one of the worst states affected by the financial and housing crisis. The largest company to miss the dividend payment is the New York based CIT Group Inc. ($71.02 billion)

While the TARP program allows a maximum of six payments to be missed before action is taken, it’s ironic that many of these same banks make an incredible amount of money on overdrafts, late and missed payment fees.

In our August report, we projected a sales activity and property values increase in the months of July, August and September.

Source: AccuriZ.com

The recent MSNBC article indicated a sales increase of apartments and co-ops between 46 and 69 percent from the second to the third quarter, with the number of New York’s unsold apartments falling from the peaks of April. Our projections of a 4th Quarter level of stability are appearing to be valid. In the real estate market there are few trusted sources and AccuriZ has been proven to be an authoritative source consistently.

For more statistical reports on property data from public records and property valuations click here.

It is well documented that many borrowers now seeking loan-modifications are facing continuous roadblocks dealing with the mortgage firms they were borrowing from. Much of the inefficiencies in President Obama’s Home Affordable Modification Program deal with lenders’ unresponsiveness to customers. Improvements to the program have increased transparency in lenders’ efforts to borrowers. But stricter guidelines will not ultimately force lenders to play it straight, which is why alternative Mortgage Assistance Programs should be viewed and taken into consideration.

A recent Yahoo article sheds light on the guilty practices of some mortgage firms now involved in the Treasury’s program to modify troubled mortgages. The article mentions guilty of inexcusable practices dating ar far back as 2007, many with a no comment response. Instances of missed calls, shuffled or lost paperwork, unattainable payments and unfair late fees to customers mirror the problems facing Obama’s HAMP program today.